The Daily Degen - March 18th, 2023

All of today's news/data/alerts...

Happy Saturday friends! Lots of interesting stuff going on!

Stats/alerts/etc at top and tweets/news/links/videos/etc at bottom as always!

Market Update

Crypto:

Top Cryptocoins Ticker @TickerTop

1: Bitcoin price is $27326.08 (-0.58% 1h) 2: Ethereum price is $1809.42 (-0.72% 1h) 3: Tether price is $1.00 (-0.01% 1h) 4: BNB price is $342.10 (-1.08% 1h) 5: USD Coin price is $1.00 (-0.01% 1h) 9: Dogecoin price is $0.08 (-1.13% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.22T, a 5.73% change in the last 24h. Total trading volume in the last 24h is at $183.6B. #BTC dominance is at 43.75% and #ETH - 17.93%. 18.03.2023 6:33:17 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $1,989.30

Oil (WTI): $66.74

Stocks:

News4Moves @News4Moves

#Friday 03/17/23 Stock Market Wrap Major Indices Action: S&P 500 $SPX -1.10% NASDAQ Comp. $IXIC -0.74% Dow Jones Ind. $DJI -1.19% Volatility Index $VIX 10.96%

Biggest Price Movers

(From @coingecko top 1000)

Spotlight

New update from our friends at @zkxprotocol!

ZKX is the first decentralized self-custody perpetual futures exchange on Starknet and we’ve been helping them raise awareness about what they’ve been building!

As part of their upcoming launch, they’ve implemented a very cool gamified Community Incentives Program called ZKX Yakuza. It has 8 characters, 3 seasons, and a storyline linked to specific initiatives…

Season 2 has just started so make sure to check it out below!

ZKX @zkxprotocol

Welcome to SZN 2 of ZKX Yakuza 🩸 SZN 1 marked the beginning of the your journey where you met the characters & tested the waters as an Ambassador, Contributor & Moderators. Now, it's time for SZN 2 where the stakes are higher than ever - bit.ly/40eVXm1 📕 1/6 🧵

Biggest TVL Movers

Chains are very green today. Only top 30 chains red on both the weekly and monthly are BSC (#3), Avalanche (#7), Waves (#22), Near (#29), and Moonbeam (#30).

Protocols are extremely green today as well. Only top 60 protocols red on both the weekly and monthly are Stargate (#26), Arrakis Finance (#28), Alpaca Finance (#38), Morpho (#45), and BiSwap (#51).

Here’s The Top 12 Chains By TVL (from @DefiLlama):

Here’s The Top 12 Protocols By TVL (from @DefiLlama):

Here’s The Top 12 Dex’s By 7 Day Volume (from @DefiLlama):

Other Data Points

Bitcoin Fear/Greed Index:

(from @BitcoinFear)

Bitcoin Fear and Greed Index @BitcoinFear

Bitcoin Fear and Greed Index is 64 - Greed Current price: $27,407

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 66 — Greed Current price: $1,792 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 66.43 📊 The CVI ranges between 0-200 0-85 ≈ Low volatility 85-105 ≈ Medium volatility 105-200 ≈ High volatility Trade #volatility ($CVI): Platform 👉🏻 cvi.finance Sushiswap 👉🏻 sushi.com/swap?token0=0x… @official_CVI $CVI $GOVI

New Protocols

(note: this includes new protocols we find through combing Twitter each day, and we also include every (newly launched) protocol added by @defillama and @debank (excluding Tomb forks/reflection tokens/etc) - hence disclaimer: these are not pre-vetted by us so make sure to DYOR!)

-New project called @Weavr_Fi. No Twitter bio. H/t @toffee248:

toffee24.eth @toffee248

1)@Weavr_Fi has received a grant of 25,000 FUND from the Unification community to develop the @UnificationUND LSD system. The system will be based on the Frax model and will enable the integration of aFUND and sFUND into DeFi on Ethereum.

-New project called @torquefi. Twitter bio states “Coming soon…” h/t @toffee248:

toffee24.eth @toffee248

3) @torquefi is a decentralised asset management protocol that provides Vaults-as-a-Service, offering unified access to automated compound yield and self-service loans. They offer two types of vaults, Boost for passive yield and Borrow for instant USDC loans,

-New protocol called @tenet_org. Twitter bio states “AI Economy on Industry’s Most Secure and Scalable Network. EVA - The Future of Defi, through voice command.” Also h/t @toffee248 - make sure to give him a follow!

Tenet Protocol @tenet_org

TENET - AI economy, secured by the most powerful consensus mechanism ever⛓️ ✦ EVM layer-1 powered by Cosmos SDK for max composability ✦ Diversified Proof of Stake: a basket of blue chip liquid staking derivatives (LSDs) securing a single chain ✦ Scalability for AI products

Security Alerts

-The Euler Finance exploiter is apparently sending $ETH back to Euler, suggesting he *may* be accepting the 10% whitehat offer they made to him. H/t @BlockSecTeam:

BlockSec @BlockSecTeam

We observed that the #Euler attacker 0xb66cd966670d962C227B3EABA30a872DbFb995db is returning money to Euler finance now. 3000 Ether was returning so far.

-Important alert re: @SwerveFinance. H/t @FrankResearcher:

Igor Igamberdiev @FrankResearcher

According to their executorScript, someone wants to take ownership of the delegator contract with $1.3M in stables from the @SwerveFinance' DAI-USDC-USDT pool. The exploiter will be able to execute their proposal only in a week, so be careful

Spreek (Denver 28th-6th) @spreekaway

New vote has been created, probably going to execute the rug https://t.co/uJbVRnt5ov

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (minimum $1M+ TVL, single-exposure, and no-IL only) and @stable_fish - note: these lists are just raw data, make sure to always DYOR before interacting with any/all protocols)

Other News And Analysis

(key news, twitter threads, articles, videos, etc from last 24 hours)

-Jim Bianco @BiancoResearch tweeted a couple hours ago that it appears Credit Suisse has essentially failed:

Jim Bianco biancoresearch.eth @biancoresearch

Yesterday, UBS said no to a Credit Suisse merger. Earlier today we got this headline. *AT LEAST 4 BANKS HAVE CURBS ON TRADES WITH CREDIT SUISSE: RTRS Then late Friday, when all the “interesting” news is released, we get this about face from UBS (no bloomberg.com/news/articles/…… https://t.co/l7y7oGr4mQ

Jim Bianco biancoresearch.eth @biancoresearch

This is a version of the September 2008 Lehman weekend in Switzerland

-Extreme bond volatility hitting tradfi markets:

Liz Ann Sonders @LizAnnSonders

Bonds are on the move … a few days ago, MOVE Index (measuring bond volatility) saw its largest daily jump since pandemic; yesterday, index saw largest daily drop since pandemic … COVID aside, these are most extreme moves since GFC

Mohamed A. El-Erian @elerianm

Look at this wild roller coaster for the US 2-year yield, amplifying what was already significant volatility. Among other things, this complicates life for an areas of finance that usually attracts little attention — the management of cash and cash equivalents. #markets #bonds

Captain Rational 🧮📐✏️ @noahseidman

"Concerned about Treasury market liquidity" I can only imagine the quite likely frantic conversations going on right now.

-Large macro fund blown up by above:

Special Situations 🌐 Research Newsletter (Jay) @SpecialSitsNews

Breaking: $4.5 billion (at peak) Graticule Macro Hedge Fund collapses and closes due to rate volatility after $SIVB receivership. Down 25% YTD... Veteran macro trader Adam Levinson is shutting down his hedge fund after being hit by losses amid ongoing bond market volatility.

-Banking crisis continues:

Breaking Market News @financialjuice

ECONOMISTS DISCOVER THAT DOZENS OF BANKS MAY FACE RISKS SIMILAR TO SILICON VALLEY BANK - WSJ.

Danielle DiMartino Booth @DiMartinoBooth

This is how DEFLATION manifests “At least four major banks, including Societe Generale SA & Deutsche Bank AG have put restrictions on their trades involving Credit Suisse Group AG or its securities, according to five sources w/direct knowledge of matter”

reuters.comEXCLUSIVE-Some Credit Suisse counterparties put curbs on new dealings involving lender -sourcesBy Shankar Ramakrishnan, Stefania Spezzati and Sumeet Chatterjee

Arthur Hayes @CryptoHayes

In case you don’t comprehend how serious the US banking problems are:

Arpit Gupta @arpitrage

Heavy real estate exposure — including commercial real estate — in these struggling regional banks Their lending will probably be impaired going forward, making it harder to own and refinance those assets

Rick Palacios Jr. @RickPalaciosJr

Real estate exposure front and center for regional banks. https://t.co/WkrWu4gMm5

-Interesting visualization of Arbitrum token rewards per qualifying wallet. From @BrainsyEth:

Brainsy (💙,🧡) @BrainsyEth

Less than 50k wallets that earned more than 5000 $ARB $ARB to $2 🫡

-Uniswap x Avalanche alfa?

Uniswap Labs 🦄 @Uniswap

Congratulations to @UMichBlockchain on the successful proposal 🦄 The @UniswapFND will now support the @avalancheavax team to deploy Uniswap v3 on Avalanche!🔺 app.uniswap.org/#/vote/2/33

app.uniswap.orgUniswap InterfaceSwap or provide liquidity on the Uniswap Protocol

-Some interesting charts from @Roberta66961503:

Rob Acosta🐻⛓⚛️ @Roberta66961503

Don't know exactly what the market is telling us, but I believe it is something big. Gold, and eth both breaking out of htf trendlines on weekly chart, and oil breaking down on weekly. The three words that come to mind for me are: Wall of Worry.

-Interesting tweet from former Fed insider Joseph Wang @FedGuy12:

Joseph Wang @FedGuy12

The policy response since the GFC is to always socialize the costs. That cuts off deflationary tail risks, and thus skews potential outcomes towards higher inflation, higher asset prices. There is no political will to bear any pain. IMO this is the big theme of the decade.

JohannesBorgen @jeuasommenulle

This long weekend for bank geeks is just starting: *US regulators open to sharing losses to smooth sale of SVB and Signature (FT)

-Good thread of innovative new protocols from @DeFiMinty:

Minty @DeFiMinty

With Crypto, keeping an eye out for unique innovations is key to being early to upcoming narratives. Here is my research list of innovative new protocols that are pushing the space forward. 🧵

-Interesting chart from @JordiMorris1:

jordi Morris 🦇🔊 (🧙‍♀️,🧙‍♀️) @JordiMorris1

BITCOIN is exchanging at 9 months HIGH · massive money during boring winter market prevented price to drop to $13,000 · average massive accumulation is under current price

-@truflation update:

Truflation @truflation

Today's US CPI Data by Truflation. 🇺🇸 4.30% Join our telegram: t.me/truflation

-Top TVL gainers on Arbitrum this week:

Ethereum Daily @ETH_Daily

Arbitrum Ecosystem by TVL Growth in the Last 7 Days @ArchlyFinance $ARC @Reaper_Farm $OATH @routerprotocol $ROUTE @MyMetaTrader $MMT @Lighter_xyz @QiDaoProtocol $QI @pendle_fi $PENDLE @0xOlive @KromatikaFi $KROM @SiloFinance $SILO @NestedFi @StargateFinance $STG

-Interesting macro/real estate stat:

JC Oviedo @JCOviedo6

~$8 trillion residential mortgages were originated in the first 2 years after the pandemic started. On average any mortgage originated in that time period that is still outstanding is “worth” about 20% less today. That’s ~$1.5 trillion in losses in the financial system.

Bloomberg @business

Markets are grappling with a $600 billion question right now: Are the half-dozen banks in the spotlight outliers or a warning sign of a wider malaise? https://t.co/uQWIXfLiH4

-Good thread from @LandOfSmile on new protocol @sector_fi, launching March 29th apparently:

0xJeff @LandfSmile

Value-at-Risk (VaR) is a Term Not Used Enough in Crypto BUT is an Extremely Useful Risk Metric @sector_fi Aims to Bring More Risk Tools like Asset VaR to CT Today We'll Explore 1️⃣ What's VaR 2️⃣ What's Sector 3️⃣ Tokenomics 4️⃣ Public Launch 5️⃣ Key Takeaway 🧵(0/19)

-Excellent work by @Flip_Research analyzing the impending Arbitrum airdrop in relation to past airdrops such as Uniswap, Optimism, and 1Inch:

Flip Research @Flip_Research

*Arbitrum Tokenomics Deep-Dive Analysis* The $ARBI airdrop might be the most hyped drop this year. But how does it compare with previous big airdrops, and how will pricing play out? In this thread, I've compared $ARBI to $UNI, $OP and $1INCH, with interesting results... 🧵👇

-@Blockworks_ released a new interview of gigabrain tradfi investor @hkuppy, by @JackFarley96:

-Excellent new livestream from @noahseidman on the unprecedented bond market volatility, macro, crypto, etc:

-Good new crypto roundtable discussion just released by @thebellcurvepod:

-Excellent video from @BanklessHQ going over a ton of current crypto news items and stories:

-Interesting fact from @LynAldenContact:

Lyn Alden @LynAldenContact

"fractional reserve banking" is hitting highs in terms of Google search trends recently. I don't know if that's bullish or bearish but it's fun.

-Parting wisdom from @DeFiSurfer808 and @AutismCapital:

DeFi Surfer @DeFiSurfer808

It was only a week ago we thought the banking system was collapsing and $USDC depeg was going to bring down crypto. Feels like a year has passed.

Autism Capital 🧩 @AutismCapital

What a beautiful clown show this all is.

Conclusion

Have a great Saturday friends and get that grass-touching in!

And please RT/follow/etc if you found this valuable! :)

-

Note

The good gents at @NestedFi are our official sponsor for the month of March! Nested is a Social Trading protocol which lets users create portfolios and copy-trade the portfolios of other traders. It currently supports ETH Mainnet, Arbitrum, Polygon, Avalanche, Optimism, and BSC.

They are building all sorts of cool stuff for 2023 so make sure to follow their Twitter account and keep a close eye on them!

Here’s the latest update from the team:

Nested 🧩 @NestedFi

Customisation is here! • Choose your portfolio colour • Select a background pattern Show your portfolios some love and give them a fresh new look 🙏